Allotment of Warrants Convertible into Equity Shares to the Promoter & Promoter Group on Preferential Basis
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The board approved allotment of 8,80,000 share warrants to promoters and promoter group at Rs. 106 per warrant (including Rs. 96 premium), aggregating Rs. 9.33 crore. Each warrant is convertible into 1 equity share of Rs. 10 face value within 18 months. The allottees include Mr. Sorabh Gupta, Mrs. Reena Gupta, Mr. Shrey Gupta, and Ms. Ananya Gupta (2,20,000 warrants each). An upfront payment of Rs. 2.33 crore (25% of issue price) has been received, with the balance 75% payable upon conversion. This follows BSE's in-principle approval dated 27th April 2026 and a special resolution passed at the EGM on 18th March 2026.
Promoter holding will increase significantly upon warrant conversion, leading to dilution for existing shareholders. The Rs. 9.33 crore capital infusion provides growth capital but increases promoter stake substantially.